While no renovation adds as much equity to your home or is likely to be more enjoyed, kitchen remodel costs can get out of control quickly. The price for a major, midrange kitchen remodel project is based on a space of the same 200-square-foot dimensions. To keep costs down maintain the original structure of the current kitchen and make simple changes. This way, you don’t have to install more cabinets into a small kitchen and lose space.
Try to set aside an amount equivalent to about 20 percent of your total renovation cost as a contingency budget. In fact, most remodels on the low end of the budget are built up entirely of DIY projects. Supplies include fittings, adhesives, sealers, finishes and accesssories, as well as equipment costs and disposal fees required to complete the kitchen remodel as specified in the Project Options section.
One of the priciest remodel options involves adding a bathroom in the basement, which requires hiring a plumber, installing plumbing and choosing all the necessary fixtures. Expensive appliances like gourmet stoves and refrigerators, as well as non-traditional kitchen appliances like drink coolers, can significantly raise the cost of a home remodel.
Installing less expensive materials yourself will decrease the total cost of your remodel, so choose your kitchen remodel materials carefully. While there’s no exact rule of thumb for this tactic, Old House Web estimates that labor generally represents about 15 to 30 percent of the cost of a kitchen remodel, with materials accounting for the other 70 to 85 percent.
Homeowners interested in kitchen remodel estimates are usually shuttled to something called the Cost vs. Value Report, issued every year by Remodeling Magazine. You should make sure of setting aside about 20 percent of your budget for the kitchen remodeling project because there will certainly be surprise expenses that will arise.